Fortuna intersects 1.9 g/t gold over 64 meters, confirming broad gold mineralization at Kabewest, Bambadji Project, Senegal

Fortuna Mining Corp. (FVI) has released the first drilling results from the Kabewest prospect at its newly acquired Bambadji Project in Senegal, which sits adjacent to the feasibility-stage Diamba Sud Gold Project. The initial exploration program at Kabewest consisted of 45 reverse circulation and diamond drill holes totaling 10,524 meters. Approximately 70% of the assays have been received, with the remainder pending. The company plans to release an initial Inferred Mineral Resource estimate for Kabewest in the first quarter of 2027.

Key intercepts reported by the company, using estimated true widths, include:

• FBRC0008: 1.9 g/t Au over 64 m ETW from 19 m, including 16.3 g/t Au over 1.5 m from 24 m.
• FBDD0008: 3.2 g/t Au over 24 m ETW from surface, including 11.3 g/t Au over 1.5 m from 8 m and 12.2 g/t Au over 0.7 m from 30 m.
• FBRC0003: 3.1 g/t Au over 24.2 m ETW from 4 m, including 15.1 g/t Au over 0.7 m from 25 m.
• FBDD0006: 1.8 g/t Au over 29.5 m ETW from 393 m.
• FBRC0005: 1.4 g/t Au over 29.6 m ETW from surface.
• FBDD0009: 1.4 g/t Au over 22 m ETW from 65.5 m, and 1.3 g/t Au over 23 m ETW from 107 m.
• FBDD0001: 1.2 g/t Au over 23 m ETW from 75 m.

Fortuna Mining describes the mineralization as being associated with hydrothermal breccia units, hematite-silica-altered limestone, and extensive pyrite, characteristics similar to the breccia-hosted mineralization found at Diamba Sud. The company reports that mineralization extends over more than 600 meters of strike and remains open along strike and at depth. Additionally, six rigs have moved to the Wari and Latifa prospects as part of an US$8 million, 51,000-meter program across the Bambadji project through the end of 2026.

Fortuna Mining Corp. (FVI) is a mid-tier producer and developer with a US$3.65 billion market capitalization, three operating mines, the Diamba Sud feasibility-stage project, and a growing exploration portfolio. The company recently released first-pass drill results from a newly acquired satellite prospect, Kabewest. While a single initial drill result is unlikely to independently change reserves, mine life, or net asset value, the data serves to de-risk the Kabewest thesis and supports the potential for the site to feed or extend the Diamba Sud project. Diamba Sud is located 2.3 km from the proposed plant site and has a feasibility study based on 20.5 Mt at 1.75 g/t Au for 1.151 moz.

The August 10, 2026 acquisition release included historical Kabewest holes, specifically KBWDH006 at 2.12 g/t Au over 52.9 m (about 112 g.m) and KBWRC075 at 2.34 g/t Au over 45.0 m (about 105 g.m). Today’s best new hole, FBRC0008, returned 1.9 g/t over 64 m ETW (121.6 g.m). This result features slightly more gram-metres, lower grade, and greater width than the historical data, and includes Fortuna-generated QA/QC. Additional holes, FBDD0008 and FBRC0003, added higher-grade but shorter intervals. The new data broadly confirm and modestly extend the historical grade-width picture without demonstrating a step-change in scale beyond what the acquisition release already flagged.

Fortuna Mining’s stock is not currently priced as if this specific drilling result is embedded. FVI closed at US$12.34 on October 30, 2026, compared to a 52-week high of US$18.64 and an August acquisition-period price around US$14.94. The company’s prior-period financial context shows Q2 2026 revenue of US$318.4 million, adjusted EBITDA of US$200.8 million, free cash flow of US$85.7 million, and net cash of about US$434.2 million, indicating the company can fund exploration work without financing risk. The equity impact remains incremental until Kabewest establishes a resource, metallurgy, and a mine-plan role.

Fortuna Mining Corp. (FVI) is a Canadian precious metals producer operating three mines: Lindero in Argentina, Séguéla in Côte d’Ivoire, and Caylloma in Peru. The company also holds the feasibility-stage Diamba Sud gold project in Senegal, the newly acquired Bambadji project adjacent to Diamba Sud, and exploration interests in Guinea and Guyana, including the Quartzstone earn-in.

Prior-period context not disclosed in today’s release includes the following financial and operational data:

• Q2 2026 revenue: US$318.4 million; adjusted EBITDA: US$200.8 million; free cash flow from ongoing operations: US$85.7 million.
• Cash and equivalents at June 30, 2026: US$606.7 million; net cash position: about US$434.2 million.
• Q3 2026 production: 69,665 GEO; 2026 guidance: 281,000-305,000 GEO.
• Diamba Sud FS: 20.5 Mt at 1.75 g/t Au for 1.151 moz probable reserves; after-tax NPV5% of US$1.0 billion and IRR of 60% at US$3,500/oz; first gold targeted Q2 2028.
• Bambadji acquisition: US$200 million cash from Barrick and IAMGOLD for 190 km² and about 60 km of strike, plus a 0.5% NSR on Bambadji Nord.